Callon Petroleum Corp. - Haynesville Shale update

By Andrea: http://oilshalegas.com

Callon Petroleum Corp. (CPE) has successfully completed its first Haynesville Shale well in north Louisiana. The George R. Mills No. 1H Well was placed on production on September 3, 2010. The rate is being restricted to between 10 and 12 gross MMcfe/d to prevent any damage to the completion and maximize ultimate recovery. The well is currently flowing up the casing at a rate of 10.5 gross MMcfe/d on an 18/64-inch choke and a wellhead casing pressure of 7,000 pounds per square inch. The well continues to cleanup while flowing back at restricted rates. Callon has no remaining drilling obligations in its Haynesville Shale position and currently plans to remobilize a rig to the area once natural gas prices warrant continued development.

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